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STONY POINT, N.Y. -- Stony Point officials voted to approve a $15.1 million budget that will feature a 1.01 percent property tax decrease on Wednesday, according to lohud.com.

Town Board members had originally expected to see property taxes for homeowners jump by 1.36 percent. The cut is expected to save the average homeowner about $45, lohud.com reported.

Stony Point officials were able to execute the tax cut by pulling funds from other capital projects. Officials said the move was prudent and keeps fund balances above the town mandates, lohud.com said.